Monarch Insurance Company Limited

Monarch is the group’s short-term insurer. Knowledge and experience of short-term insurance is considered in appointing directors to the board. Robert Shaw, a non-executive director provides insurance advisory services to Monarch.

A formal report on the investment portfolio by Sanlam Investment Management, who manage the portfolio on Monarch’s behalf, is presented at each board meeting, covering market conditions and expectations, asset allocation, investment returns, review of the investment portfolios and recommendations on the investment strategy.

Reviewing the adequacy of internal controls and internal financial controls.

Annually reviewing the risk register of strategic and key operational risks. Monitoring implementation of the risk management policy and plan.

Addressing risks specific to the company that have been identified in the group risk management process.

Assessing the effectiveness of the system and process of risk management based on assurance gained from management and written assessment from Internal Audit on the effectiveness of internal controls and risk management.

Chairman – Hilton Saven

The committee consists of three
independent non-executive directors.

Meetings are attended by the chief financial officer, company secretary, the group’s internal audit executive, the chief risk officer and external auditors.

Meetings
Four per year

In terms of the Companies Act, non-executive director Robert Shaw is deemed to be a material supplier to Monarch and is therefore precluded from being a member of the Audit and Risk Committee.